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Little reaction seen to second OPEC reduction
01/01/2007
Despite knee-jerk purchases that hiked the January contract for benchmark US crudes to $63.43/bbl by Dec. 15, the highest closing in weeks on the New York market, there was little immediate reaction after the Organization of the Petroleum Exporting Countries agreed Dec. 14 to trim production by 500,000 b/d to 25.8 million b/d, effective Feb. 1, “in order to balance supply and demand.”In October, OPEC ministers voted to reduce crude output by 1.2 million b/d to 26.3 million b/d effective Nov. 1. Although many industry observers said OPEC had curtailed only 800,000 b/d at most, OPEC officials claimed at the December meeting their earlier agreement “succeeded in stabilizing...
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